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A property that’s on the market for two years

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  • 18-05-2018 7:33pm
    #1
    booksale
    Registered Users Posts: 436 ✭✭


    Hi

    First time buyer here.

    We found a property that suits us within our budget. It’s on the market since winter 2016. And I saw the price history that the price dropped 14% since first listed.

    It’s in north cork and a semi rural area with 10-15 minutes drive to the closet town for shops, supermarkets, restaurants etc.

    Obviously we will take a surveyor to check. But is it a waste of time and money (to pay the surveyor) that there must be hugh issues with the property that’s why it’s sitting there for two years?

    And supposed it’s ok how much lower can we try to offer? There is a need to refurbish the property so we need to factor in the cost to renovate and need to cut the price of course as much as we could.

    Thanks for helping.


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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    It could be a bank forced sale with no real intention to sell.


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    #3
    booksale
    Registered Users Posts: 436 ✭✭booksale


    Ok, never thought of this. THANKS.


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    #4
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Samuel T. Cogley wrote: »
    It could be a bank forced sale with no real intention to sell.

    Or, it could just be that a run down house in a rural area 15 from the nearest shop might not appeal to most people.

    Or, it could be that the owner is under absolutely no pressure to sell and is willing to wait.

    Op, ask the EA.


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    #5
    Graces7
    Registered Users Posts: 32,634 ✭✭✭✭Graces7


    davo10 wrote: »
    Or, it could just be that a run down house in a rural area 15 from the nearest shop might not appeal to most people.

    Or, it could be that the owner is under absolutely no pressure to sell and is willing to wait.

    Op, ask the EA.

    Go and look from the outside?


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    #6
    booksale
    Registered Users Posts: 436 ✭✭booksale


    Davo10

    Would the EA tell if I ask?


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    #7
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    booksale wrote: »
    Davo10

    Would the EA tell if I ask?

    No harm in asking, if it's been on the market for 2 years, the EA wants it sold to get paid. If you are the only bidder, you are in a strong position so plan your bid, don't go way low but don't offer the asking price.


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    #8
    Cuddlesworth
    Registered Users Posts: 13,994 ✭✭✭✭Cuddlesworth


    booksale wrote: »
    Davo10

    Would the EA tell if I ask?

    Hi, interested in x, wondering why it has been on the market for 2 years? Has their been any bids on the house, has it gone sale agreed at any point, if it did, what happened to bring it back to the market. Has it had a property survey yet, anything obvious come out from the results of the survey? Do you know the reasons for the sale, what sort of price are they really looking for since its been on the market for 2 years.

    You know you can ask a EA anything really, they don't have to answer but I've found nearly all will answer honestly.


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    #9
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    If the property is not really on the market, you'll know by the EAs responses. If he is slow to give you an appointment or get back to you etc, he doesnt want to waste his time (or yours).

    If its a case that the property was overpriced 2 years ago but isnt now, he'll have you out there in a hot shot.

    As said above, ask. You'll be able to read between the lines.


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